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Sherborne Investors in talks with Barclays over search for new chairman

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Sherborne Investors in talks with Barclays over search for new chairman

Sherborne Investors Management (Guernsey) LLC, a vehicle of activist investor Edward Bramson's Sherborne Investors Management LP, said it is in talks with Barclays PLC over the search process for and mandate of a new chairman for the British lender.

Barclays was reported in April to be carrying out a wide search Chairman John McFarlane's replacement. McFarlane, who has served as chairman since 2015, is reportedly expected to step down from his post during the bank's annual general meeting in 2019.

In its first-half financial report, the company said it is also engaging with Barclays over the lender's capital allocation, earnings quality, capital adequacy and cost structure. The firm said it believes that addressing these issues could improve the bank's financial strength and long-term competitive position, and that it intends to continue its discussions with Barclays "for as long as it appears to be appropriate to do so."

Bramson, who purchased a 5.16% stake in Barclays in March through funds managed by Sherborne Investors, recently attempted to shake up Barclays by proposing to shut down most of its investment bank's trading activities, but with little success.